There are now multiple ways in which investors can exercise their rights to influence the behaviour of companies. Investor clearinghouses, exchanges and fora have all been set up to facilitate more and better engagement between investors and companies on a range of environmental, social and governance issues. But one often repeated complaint, including most recently at a French/British seminar on engagement, is that too much of this engagement happens behind closed doors and so wider knowledge of – and interest in – engagement remains muted.

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One of the best performers in our Fund, Nibe Industrier, a Swedish heat pump manufacturer, not only demonstrates our ability to generate outperformance, but is also a good illustration of how we can add value at each stage of our investment process.

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The Winter edition of our periodical magazine WHEB Insights received a very warm reaction from most quarters, but on receiving his copy, one eminent member of the House of Lords grumbled that he ‘didn’t believe in climate alarmism or in resource scarcity – other than rare exceptions, most importantly water’.  His lordship’s perspective on climate change is unusual, but his concerns about water are not. Of all the themes we invest in, water is often seen as the most interesting, but in our experience, investing in this area is not as straightforward as it might seem.

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